What Technical Analysis is Telling Us - XLF

Let’s take a look at XLF – Financial AMEX Sector SPDR. If you look at the past 6 months history, it is clear that the support area is at the $14.00 area, which is also the 38.3% Fibonacci retracement from the July lows. You can also extract the Head and Shoulders forming. The head is in the October month with left shoulder in September and right should in November going into December. There are also negative momentum and negative volume forming starting from August. A clean break below $14.00 or $13.75 would be a major sell signal so follow this stock closely.

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